The Trump administration has repeatedly said the goal of its China tariffs is not to build trade barriers against Chinese imports but to get the government to drop practices that result in the theft of US technology and block USA exports from the Chinese markets.
Investors fear an escalating trade war between Washington and Beijing could hit global growth, and prominent United States business groups have condemned Trump's aggressive tariffs. The communique, which followed a meeting of the country's most senior leaders led by President Xi Jinping, said the campaign to reduce leverage will continue at a measured pace while improving economic policies to make them more forward-looking, flexible and effective in the second half.
A further escalation of the dispute would be a threat to world trade as a whole.
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"Escalating tariffs against China is the wrong approach to address legitimate concerns US businesses have with China's harmful practices", said Myron Brilliant, head of global affairs for the US Chamber of Commerce.
"If the U.S. takes measures to further escalate the situation, we will surely take countermeasures to uphold our legitimate rights and interests", Geng Shuang, spokesman for China's Ministry of Foreign Affairs, told journalists.
U.S. President Donald Trump's administration imposed 25 per cent tariffs on $34 billion in Chinese goods July 6 and sources say more penalties could come. "China has made full preparation for the U.S. threats to escalate the trade war, and will have to retaliate to defend national pride and the people's interests", the ministry said in a statement day on its website.
The USTR said it will extend a public comment period for the US$200 billion list to Sep 5 from Aug 30 due to the possible tariff rate rise. The two sides have not held high-level talks for a couple months now. "This won't work on China", Geng said.
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One person familiar with the internal deliberations said the U.S.is trying to secure certain concessions and if China agrees, it is possible the US would back off additional tariffs. The night before the agreement, he proposed in a tweet that "Both the US and the European Union drop all Tariffs, Barriers and". That case concluded China was stealing American technology and tariffs were needed to offset the damage.
"US pressure and blackmail won't have an effect".
Trump Raises Proposed Chinese Tariffs to 25%
In early July, the United States government imposed 25 per cent tariffs on an initial $34 billion of Chinese imports. The plan to more than double the tariff rate was first reported by Bloomberg News .